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Watch David Letterman announce his retirement plans in a clip from tonight's 'Late Show'

David Letterman.jpg

In this photo provided by CBS, David Letterman, host of the "Late Show with David Letterman," waves to the audience in New York on Thursday, April 3, 2014, after announcing that he will retire sometime in 2015. Letterman, who turns 67 next week, has the longest tenure of any late-night talk show host in U.S. television history, already marking 32 years since he created "Late Night" at NBC in 1982. (AP Photo/CBS, Jeffrey R. Staab)

The 32-year late night veteran announced his plans to leave during the taping of tonight's show, which will air on CBS at 10:30 p.m. central time.

"We don't have the timing of this precisely down," Letterman said to the audience, as band leader Paul Shaffer joked he needed to consult his accountant. "I think it will be at least a year or so, but sometime in the not too distant future -- 2015, for the love of god, Paul and I will be, in fact, wrapping things up and taking a hike."

He then thanked the studio audience, who proceeded to give him a standing ovation.

Letterman debuted "Late Night with David Letterman" on NBC in November 1982, then left the network for CBS to start "The Late Show with David Letterman" in August 1993, where he has hosted ever since.

Last year, Letterman re-upped his CBS contract in a two-year deal that was expected to be his last, Variety reports.